Everyone has one purchase they couldn't afford and bought anyway. For some servicemembers, houses fall under that category. It wasn't so long ago that it was acceptable to buy a house that was out of your price-range.
Today, that plan isn't a wise financial strategy but homebuyers are still being forced into mortgages they can't afford, according to a publish report. Some mortgage specialists, real estate agents, and loan officers might still advise that first-time buyers purchase as much as house as they can afford. However, buyers should beware before entering into any financial commitment that could lead to financial ruin.
Homebuyers can avoid falling into the house rich and cash poor trap by using the following rules from MoneyCentral.com:
If must buy your dream house now then there are a few ways that you can stretch your income to afford the home:
Servicemembers do have more financial resources -- such as VA Loans -- available to help them buy the home of their dreams, but it's important to stay within your budget to avoid financial ruin when looking for that dream house.
For more information, visit Military.com's Home Buying section.
Looking for a way to keep the family busy this summer without spending, all your extra cash? Blue Star Museums, which runs 27 May 2013 until 2 September 2013, provides free museum entry to active duty, National Guard and reserve military families. Whoo hoo! Blue Star Museums is a collaboration between Blue Star Families, [...]